Weakness in capital markets translates into lower rates of economic growth, which is bad for the EU and for our place in the world, Mairéad McGuinness said. Photograph: Ronald Wittek / EPA
The correspondence said current capital markets in the EU were too small and too “fragmented” to deliver enough financing to boost investment. A proposal for a single market for capital in the EU has for years failed to get off the ground, in part due to some countries’ concerns they would lose out as a result of the reforms.
The Fine Gael politician said there had been “unambiguous support” to change the current system, but this needed to be followed by concrete actions.
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